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Crude oil has broken the key support

Crude oil had crossed the medium-term falling trend line in July 2013; however, it could not build upon the gains. The oil was trading above that level for a few months. Structurally, it formed a distribution triangle there and broke down. It also broke a medium-term rising channel in September. The fall is breaking up into lower degree waves and is unfolding in a channellised manner. The oil has broken the key support of $95.75 ie the 61.8% retracement mark. The subsequent targets are $91.30 and $90. The reversal can be trailed to $98 on a closing basis.

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